DTCC, Chainlink Complete Pilot to Accelerate Fund Tokenization with JPMorgan, Franklin Templeton & BNY Mellon Participating

The Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, completed a pilot project with blockchain oracle Chainlink (LINK) and multiple major U.S. financial institutions, aiming to help accelerate the tokenization of funds, according to a Thursday report published by DTCC.

The purpose of project called Smart NAV was to establish a standardized process to bring and disseminate net asset value (NAV) data of funds across virtually any private or public blockchains using Chainlink’s interoperability protocol CCIP. Market participants included American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street and U.S. Bank.